Brokers, principal brokers and level 2 agents wishing to continuing dealing in private mortgages are reminded of the following deadlines:
- October 31, 2023 – deadline to pass the Private Mortgages Course Challenge Exam
- March 31, 2024 – deadline to complete the Private Mortgages Course
If you don’t pass the Challenge Exam by the deadline, you must complete and pass the Private Mortgage Course by March 31, 2024.
Those who do not complete these requirements will transition to a Level 1 agent licence on April 1, 2024.
Visit FSRA’s website to learn more about our licensing and education requirements.
Exceptional renewal season
We’re also proud to share that the 2023 mortgage agent and broker licensing renewal season had the highest on-time renewal percentage for mortgage agents and brokers in FSRA’s history.
Some 92% of mortgage agents and brokers renewed their licence by the March 31 deadline. We thank the industry for your contributions to this exceptional result, especially given the new licensing classes launched at the same time.
New licensing classes
In April 2022, the government and FSRA implemented a new licensing class for agents and enhanced educational requirements for brokers and agents working with private mortgage lenders and raising capital.
The new licensing classes became effective April 1, 2023. This initiative supports the Ontario government’s direction to introduce licensing categories which better respond to the unique practices required by certain segments of the mortgage market. It also helps elevate competency in the sector which contributes to consumer protection.